Overnite returns

CS First Boston and Morgan Stanley are underwriting the IPO, which plans to trade on the Nasdaq under the ticker, "OVNT."

Overnite rang up $9.3 million in net income and revenue of $341.2 million in the first quarter, up from net income of $8.99 million and revenue of $308.8 million in the year-ago period.

Operating through subsidiaries Overnite Transportation and Motor Cargo Industries, Overnite, "is one of the largest less-than-truckload carriers in the United States," Union Pacific said.

The company has 208 service centers and a fleet of more than 6,000 tractors and 21,000 trailers serving 50 states.

Union Pacific filed a $550 million IPO of Overnite in 1998, but withdrew it in 1999 citing market conditions.

Founded in 1935, Overnite Transportation became a public company in 1957 and was acquired by Union Pacific in 1986. In 2001, Union Pacific acquired Motor Cargo.

Advancis Pharma files $86 mln IPO

Advancis Pharmaceuticals filed an $86 million initial public offering with Lehman Brothers late Friday.

While it has yet to report any sales figures, the company recently inking a deal with GlaxoSmithKline to develop a pulsatile version of the drug giant's Augmentin medicine, which had U.S. sales of $1.5 billion last year.

The Germantown, Md. firm rang up no revenue and a loss of $7.5 million in the first six months of the year as a pharmaceutical company specializing in drugs which fight infectious diseases.

It plans to trade on the Nasdaq under the ticker, "AVNC."

Shareholders in the company include HealthCare Ventures Group, Bear Stearns Health Innoventures, and Rho Management Trust.

"We are developing a broad portfolio of drugs based on our novel biological finding that bacteria exposed to antibiotics in front-loaded, sequential bursts, or pulses, are killed more efficiently and effectively than those exposed to standard antibiotic treatment regimens," the company said in its IPO filing.

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